Israeli chain Brown Hotels continues to expand by merging Zvieli Hotels four hotels into its management operations. The Zvieli Hotels are in central Tel Aviv: Townhouse at the corner of Rothschild Boulevard and Yavne Street; Townhouse Apartments (apartment hotels rooms adjacent to the Townhouse); De La Mer on Hayarkon St. adjacent to Brown Beach Hotel (will become a wing of Brown Beach); and Olympia at the corner of Hayarkon St. and Ben Gurion Boulevard.
Brown Hotels will only manage and is not buying the hotels. At some stage in the future, the De La Mer and Olympia hotels are expected to become residential properties, at which time they will return to Zvieli. Meanwhile, the Zvieli Hotels will be rebranded and the group's employees will be transferred to Brown Hotels.
Zvieli Group's core business is residential, commercial and hotel real estate development, sale and rental and the company's owner Sefi Zvieli said, "Identifying quality properties and purchasing them is the cornerstone of our business development. Consequently, we have decided to focus on the property upgrading process and not day-to-day operations."
Brown Hotels said, "Such centrally located hotels with potential in Tel Aviv will fit right in with our collection and will already contribute to our bottom line in the summer of 2019. The merger reflects our confidence in the growing tourism market in Israel and worldwide."
Published by Globes, Israel business news - en.globes.co.il - on July 14, 2019
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